Tokenized Treasuries emerged first because they combine yield demand with strong institutional compatibility:
→ Standardized instruments
→ Observable pricing
→ Deep liquidity
→ Established custody
→ Familiar fund administration
→ Lower reliance on bespoke off-chain data
The same conditions do not extend cleanly to the rest of the RWA market.
Private credit, real estate, infrastructure, and other cash-flow-based assets depend on states that are harder to verify: borrower performance, collateral quality, title, liens, cash flows, operating data, and contractual enforceability.
Broader adoption will depend on vRWA infrastructure that keeps asset state observable, current, and independently verifiable.